I just updated my sold statistics for Clifton, NJ and no surprise there; the prices are again sliding down. In the past three months single-family homes in Clifton lost about 3% of their value. The annual decline is about 11% (from November of 2007). There were only 20 closings for single-family homes in November 2008. This is an extremely low number for Clifton even at this time of a year. Another, disappointing news was that the average time on the market increased to 93 days from 77 days one month ago. Also the statistics show the difference between the average asking price in November which was $351,000 and average Sold Price of $322,000 increased dramatically. The difference is equal to 8.3%. This number is really alarming since it usually stays around 3-4% (in 2007 the average was around 4% and until October 2008 the average was around 4.5 %.) This high number means that there are many sellers willing to substantially cut the price in order to unload the property.
You can see all of the statistics here: http://clifton-nj.com/Statistics.htm
I have been selling homes since 1996 and to be honest with you I have never seen such a market in our area. What is even worse that there are some real estate models, from well respected sources, showing the prices in the New York City Metropolitan area declining another 15% to 20% in the next 18 months. The news is bad for sellers. The buyers on the other hand... :)
Kristof Tabor
Broker Salesperson
www.clifton-nj.com
RE/MAX Legend
730 Clifton, NJ 07013 Clifton, NJ
Office: 973-778-9900
Mobile: 973-930-5222
Contact Me by E-mail
Statistics and charts are based on gsmls.com closed transactions data for Clifton, NJ single-family homes only. Information deemed reliable but not guaranteed. Each RE/MAX office is independently owned and operated.
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